Global Refining Additives Market: Overview
Quality of end-product fuels and improvement in refinery processes depend upon refinery additives. These chemicals or compounds play a crucial role in these processes. This is the reason that over the forecast period of 2020 to 2030, global refining additives market would witness steady growth curve, increase in market valuation, and generation of a string of novel growth opportunities. Transparency Market Research notes here that numerous growth factors would fuel growth in the market over the forecast period. Some of these include expansion in construction industry and increase in population – factor driving demand for refined petroleum products such as diesel fuel, LPG, and gasoline.
Global Refining Additives Market: Competitive Landscape
Players in the global vulcanization accelerators market are highly reliant on growing production of automobiles for growth. Besides, proactive ones are eyeing white spaces in the medical sector. It is pertinent to note here that a range of activities are being noted in the vendor landscape – growth strategies deployed by top players.
Renowned market players in the global refining additives market are:
- Berkshire Hathaway
- Dorf-Ketal Chemicals
- Exxon Mobil
- Evonik Industries
- Johnson Matthey
- Infineum International
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Global Refining Additives Market: Key Trends and Drivers
Demand for refining additives is on an upward growth curve owing to multiple trends and drivers impacting the landscape positively. Transparency Market Research has not just identified top growth factors in its upcoming market research but has also delineated these in great detail. Granular knowledge on growth dynamics is set to drive better decision making for market players. Glimpse into top trends and drivers is provided below:
- One of the most notable growth factors in the global refining additives market would be
increase in building and construction activities. As infrastructural development gathers steam in developing regions of the world, in particular, demand for refining additives will increase. It is anticipated that by the year of 2030, volumes in construction would grow by 85%. This will lead to massive demand for these products, driving market on an upward growth trajectory.
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- Extraction and exploration for oil and gas is growing in lieu of increasing demand for energy and products requiring crude oil processing. This again is set to drive the refining additives market forward in a major way. It is pertinent to note here that products such as naphtha, diesel, liquefied petroleum gas, jet fuel, and gasoline are all witnessing an increase in demand.
- Population increase is leading to demand for energy, LPG and diesel world over. By 2050, global population will reach a high mark of 9.7 billion people from current level of 7.7 billion people. These people would also need houses and recreational centers, offices and commercial centers.
Global Refining Additives Market: Regional Analysis
An extensive refinery network helps the North American region hold a massive market share and this trend is set to continue into the forecast period stated above. It is also worth noting here that the region is known for high consumption of refinery additives. This growth would be followed by Western Europe and Middle East and Africa. Additionally, it is pertinent to note here that the Asia Pacific region ill grow at a considerable pace owing to expansion plans laid by several countries. Besides, a complex refinery set-up would add to this growth over the forecast period. A moderate CAGR would be recorded by Latin America over the same period.